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Calculation Formulas
EFF =
n
APR/100
1+
–1 × 100
n
A
PR =
100
EFF
1+
–1 × n ×100
1
n
15-6-2
Interest Conversion
I
Example 2
What is the nominal interest rate ([APR]) on a certificate that offers an annual effective
interest rate ([EFF]) of 5%, compounded bi-monthly (N = 6)?